Jonathan Leff

Major OPEC producers are privately starting to talk about a new oil price equilibrium of $50 a barrel, adding to signs that the market's long, deep rout is officially over, says one of the industry's leading prognosticators.

World oil markets quietly breached an important barrier as they crashed nearly 30 percent to below $30 a barrel in the opening weeks of 2016, crossing the fuzzy line separating a rational response to fundamentals from an irrational fear where the only way forward is down, down, down.

China’s state-run oil refiner Sinopec Corp has purchased its first ever batch of U.S. crude oil for export, a source told Reuters on Thursday, a landmark transaction after the ending of a four-decade ban on domestic exports.

HOUSTON/NEW YORK The safe money for oil traders is betting that Venezuela's plan to resurrect OPEC's old price band mechanism, attempting to set a $70 floor for the battered market, will be doomed from the start.

HOUSTON/NEW YORK, Oct 13 The safe money for oil
traders is betting that Venezuela's plan to resurrect OPEC's old
price band mechanism, attempting to set a $70 floor for the
battered market, will be doomed from the start.

HOUSTON/NEW YORK The safe money for oil traders is betting that Venezuela's plan to resurrect OPEC's old price band mechanism, attempting to set a $70 floor for the battered market, will be doomed from the start.

HOUSTON/NEW YORK The safe money for oil traders is betting that Venezuela's plan to resurrect OPEC's old price band mechanism, attempting to set a $70 floor for the battered market, will be doomed from the start.

HOUSTON/NEW YORK, Oct 14 The safe money for oil
traders is betting that Venezuela's plan to resurrect OPEC's old
price band mechanism, attempting to set a $70 floor for the
battered market, will be doomed from the start.

World News

Russia, Iran and Turkey, supporters of the main sides in Syria's complex civil war, on Tuesday failed to agree on the makeup of a U.N.-sponsored Syrian Constitutional Committee but called for it to convene early next year to kick off a viable peace process.

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